What is Axie Infinity?

Axie is a popular choice among investors looking to trade altcoins. However, before you Trade AXS, it is essential that you know what you are investing in. Let's find out what's Axie and how it works.

Axie Infinity is a token-based game where players may gather, breed, nurture, combat, and trade digital creatures called Axies in the style of famous games like Pokémon and Tamagotchi.

More than 500 different types of animal, plant, insect, and reptilian body parts are available to create these Axies. Axies are very varied and often unusual and unique due to the fact that they can have any combination of body parts from any of the four type classes, making them rare and distinctive in their own right.

To gain experience (exp) points, which can be used to increase an Axie's stats or evolve its body parts, players engage their Axie in 3v3 battles. Each Axie is an NFT with its own unique traits and strengths. In the Axie market, you may buy or sell the offspring of these Axies.

The Axie Infinity ecosystem also includes its native governance token, known as Axie Infinity Shards or AXS. With this, holders can have a voice in the allocation of the Axie Community Treasury and participate in important governance votes.

How is Axie Infinity different?

Each Axie has six of the hundreds of possible body segments, each with its unique fighting move. As a result, there is an almost infinite number of possible combinations of body parts among Axies, resulting in a wide range of statistics from very low for most Axies to phenomenally high for the best among them

To help keep the Axie population under control, players are limited to breeding their pets a maximum of seven times, a restriction that is not shared by other blockchain-based battle and breeding games.

Axie Infinity features its own mating hub to assist players in discovering a good match to breed their Axie with in order to have the highest chance of generating a rare or strong offspring. The cost of breeding Axies is 0.005 ETH in addition to the Small Love Potion (SLP) tokens needed for the transaction.

Investors who have AXS tokens will soon be able to stake them in exchange for periodic returns. However, in order to reap the benefits of holding AXS, holders will need to participate in the network by casting votes and playing games.

Axie Infinity was an early adopter of the Play-to-Earn (P2E) model, which allows players to earn cryptocurrencies and NFTs by playing games. Users engage in turn-based combat as part of the online game, but the real distinction is that players are in charge of their own characters, land plots, resources, and everything else in the virtual environment. As a result, Axie Infinity is an open digital universe in which the economy is governed by its participants.

NFTs are used to confirm the ownership of virtual assets and rare digital objects within a game. The tokens are a form of proof of ownership. As a result, users may trade their Axies with other participants and safely keep them in digital wallets like Trust Wallet or Ronin Wallet. The last one was developed specifically for Axie Infinity.

How does it work?

Combat and breeding are at the heart of Axie Infinity's gameplay. In order to participate, one must first purchase Axies, then fight other players, breed Axies, and finally trade or sell their Axies on the market.

To participate in the fight, players must equip an Axie and then pick either the Adventure or Arena game modes (PvP). All Axies may breed, but only up to seven times each. The home of Axies is called Luciana. The land has been tokenized so that players may explore it, collect resources, and enhance their plots. Players can swap Axies for other players or plots in the market.

Each member of the Axie Infinity community contributes, takes part in governance, and creates content; this is a major aspect of the platform. In addition, there is a higher demand among players and collectors of rare NFTs due to the large number of possible Axies.

Ronin Network, Axie Infinity's Ethereum sidechain, was developed to address the platform's scalability issues. It guarantees quick payments without using the Ethereum blockchain. Tokens may be transferred from an Ethereum wallet to a Ronin wallet using the Ronin Bridge, and users can keep AXS and collectible NFTs in the Ethereum wallet.

How many AXS are in circulation?

In November 2020, the Axie Infinity Shard (AXS) token, the native ecosystem token, was released. In Axie Infinity, AXS serves as the game's main engine. Tokens may be bought, sold, and earned in-game. In addition, AXS is used to reward the season's top performers. In addition, AXS is a governance token that gives its owners a say in how the platform develops and how the game is played.

AXS has a 270 million tokens cap. As of November 2022, there were around 96,312,541.46 AXS tokens in circulation.

11% of the total supply was given to Binance Launchpad IEO auction participants ($0.10 per Axie Infinity token), and 4% was sold in a private sale. Staking rewards account for 29%, the play-to-earn pool for 20%, the team for 21%, the advisory board for 7%, and the ecosystem fund for 8%.

Network Security

Axie Infinity, or AXS, is an Ethereum-based ERC-20 coin. To this end, it is protected by Ethereum's proof of stake consensus protocol.

Axie Infinity intends to move the NFT tokens it issues, such as Axies, Land, and in-game item tokens, from the Loom Network to a Ronin sidechain constructed on Ethereum.

The Ronin sidechain was developed specifically for Axie Infinity. Built by Sky Mavis, the company behind the Axie Infinity game, it will allow for nearly quick transaction confirmations, lower gas expenses, and the ability to aid in the scalability of Axie Infinity.

Founders

Sky Mavis, a Vietnamese video game studio that specializes in developing games with an emphasis on technology, launched Axie Infinity in 2018. Trung Nguyen and Aleksander Larsen created the company together.

The platform is now headed by CEO Trung Nguyen. Nguyen earned a bachelor's degree in software engineering and worked as a software developer at Anduin Transactions before launching Axie Infinity.

Aleksander Larsen, a former professional gamer who also serves as the company's COO, established the platform. Since 2017, Larsen has worked with blockchain-based gaming firms. After working as the executive security officer for the Norwegian Government Security Organization, he became the Blockchain Game Alliance's Secretary of the Board of Directors.

The Axie Infinity team has 25 people working full-time, many of whom have worked in the gaming industry before.

Where Can You Buy AXS?

AXS is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.